Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,961/mo
+$68/mo- Down payment
- $6,386
- Funds due
- $16,236
- Interest + MI left
- $286,960
- First ends
- Sep 2053
New loan
New conventional
$1,893/mo
Lowest payment- Down payment
- $25,490
- Funds due
- $33,045
- Interest + MI left
- $335,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $248,514 | $229,410 |
| Second mortgage | — | — |
| First P&I | $1,668.14 | $1,554.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.88 |
| Taxes, insurance & HOA | $293.33 | $293.33 |
| Total housing payment | $1,961.47 | $1,893.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,386
Closing costs & prepaids$9,851
Usable credit−$0
Total buyer cash needed$16,236
Earnest money paid−$0
Remaining funds due$16,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,242.57
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$306.00
Initial HOA (3 months)$123.99
Prepaid interest, first (9 days)$411.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 9 moOf the original 30-year loan at 6.71%
Interest already paid$55,322Through Dec 2026
Assumption only · ends Sep 2053$286,960
New conventional · ends Jan 2057$335,435